Q: I often hear agents talking about their ‘pipeline’. What is it, and why is it so important?
Answer: In simple terms, your pipeline is the business you have that is due to pay out a commission – i.e. your transactions under contract. In visual terms – your contracts go in one end of your pipeline, and your commission check comes out the other end of the pipeline. Knowing what is in your pipeline is important because with a full pipeline you will keep a consistent level of business going, and a consistent level of income coming in. Additionally, with a full pipeline the peaks and valleys you often experience will disappear! We all know that sometimes transactions fall apart before closing – keeping your pipeline full helps mitigate the loss of business – and income – you face when that happens.